Homestake Resource (HSR.V)

Have some interesting properties in Nevada. Stock has pulled back now. Could buy it comfortably in the $0.75/0.80 area.

Bravo has recently doubled and then doubled again and that has occurred essentially without any good news. They released some initial drill results out of Nevada. They were interesting, but not great. They did announce that Placer Dome is back right now, recommencing the drill program and exploration at their South Lone Mountain project. A couple of things about Bravo. First of all, the South Lone Mountain project is a very significant and very interesting project. What happened there is that Bravo reanalysed some drill cuttings from an old oil well and they found gold mineralisation in the correct geological formation that you want to find gold in the South Battle Mountain-Eureka Trend. That's very significant. In doing that, they attracted Placer Dome in as a joint venture partner. Placer Dome immediately commenced an enormous land-package activity around this project and signed up as a joint venture partner. That's not what drove up the price of the stock. In the last few months there has been a tremendous resurgence of interest in Nevada exploration. There is some interest in Bravo, which he believes is coming out of Germany or out of Europe at least. If the German interest has at least doubled the price in about a week, he sold some. If the market gives you a double for no good reason it is incumbent upon you to supply the market with some liquidity. Take some money off the table, that's the prudent thing to do